Projected for startup in the fourth quarter of 2015, Black Iron's Bankable Feasibility Study for its wholly-owned Shymanivske Project in Ukraine outlines an operation producing 9.2 million tonnes per year of high-grade 68% iron ore concentrate, projecting a 45.9% internal rate of return and a US$3.5 billion net present value at an eight percent discount rate. The Bankable Feasibility Study improves upon Black Iron's positive Preliminary Economic Assessment released a year ago and further defines the project as a low capital intensity operation with the potential to become a world-class, high-value, low unit cost producer. The Bankable Feasibility Study was completed by independent engineering groups WorleyParsons Canada Services Ltd., Watts, Griffis and McOuat Limited, and P&E Mining Consultants Inc. The full study is expected to be available on Black Iron's website (www.blackiron.com) and filed on SEDAR (www.sedar.com) before December 31, 2012.

"Forbes & Manhattan congratulates the Black Iron team on achieving yet another major corporate milestone with the release of the Bankable Feasibility Study. The timeline to results at Black Iron outpace those achieved by Consolidated Thompson Iron Mines, and represent a lower capital cost and lower unit operating cost producer. The results are a testament to the team we've assembled at Black Iron and their ability to improve upon the work and results achieved with CLM," states Stan Bharti, Executive Chairman and Founder of F&M. "With these results and all that Ukraine has to offer foreign investors, I see more significant results ahead for Black Iron."

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